Ethereum

Are Ethereum Bulls Rising? An important indicator of a major uptrend

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has recently shown signs that a potential rebound is imminent.

Analysts have been closely monitoring various technical indicators and one such analyst, Ali, said: highlighted This is a key signal that a price surge is imminent.

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According to Ali’s analysis of social media platform

This positive outlook is supported by Ethereum’s recent performance, with the asset up 2.3% in the last 24 hours.

TradingView Ethereum (ETH) price chart
ETH price is moving sideways on the 4-hour chart. Source: ETH/USDT on TradingView.com

However, Ethereum still remains below the $3,000 threshold. Despite the optimistic technical signals, external factors such as regulatory issues may impact Ethereum’s trajectory.

In particular, we are concerned about a possible decline in spot Ethereum ETF applications to the U.S. Securities and Exchange Commission (SEC), as analysts such as Bloomberg’s Eric Balchunas suggest that the SEC’s view of ETH as a security could significantly lower the likelihood of ETF approval. . .

Market sentiment and options trading trends

While the regulatory environment is challenging, market sentiment surrounding Ethereum remains optimistic. In particular, there is a clear preference for call options over put options in the options market, indicating that traders are betting on Ethereum’s price increase.

The most popular strike price among these bullish bets is an ambitious $6,500, according to data from leading cryptocurrency options exchange Deribit.

The concentration of call options, especially those above $3,600, suggests that a significant portion of the market expects Ethereum to reach higher levels by the end of June.

In contrast, recent NBTC analysis suggests that Ethereum’s failure to breach the $2,925 resistance level could trigger another price decline. Initial support is located near the $2,880 level, followed by key support at the $2,860 area.

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If Ethereum falls below $2,810, it could potentially fall to $2,740, and further losses could push the price down to $2,650 in the near term.

Featured image by Unsplash, chart by TradingView

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